Source
r/swissborg•
robcryptouk

Problems redeeming from Yield Wallet

DISCUSSION

Yesterday I elected to redeem ALL the USDC in my Yield Wallet. This morning it was redeemed at 09:00 and moved to my USDC Account with the exception of yesterdays interest amount which still showed as Pending in the Yield Wallet. This was paid into the Yield Wallet about an hour later.

So now I have a small amount of USDC left in my Yield Wallet which is not what I wanted.

The exact same thing happened with BTC earlier this week when I tried to redeem all of it but was left with some fragments in the Yield Wallet.

I contacted Support but got a cut-and-paste reply that did not address the issue. I seem to be stuck in a continuous loop of redeeming ALL but for some reason Swissborg don't redeem the most recent days interest which is still paid into the Yield Wallet.

Has anyone else experienced this?

Posted May 13, 2021, 9:04 AM UTC

213
Bofgrey•

Yea, I have 8 dollars lost in limbo as well. Could because of what you are describing

5
robcryptoukOP•

Thanks. It's good to know I'm not the only one experiencing this.

I've written another email to Swissborg detailing the situation. I think it is a process issue at their end whereby they are redeeming the wallet before the last days interest is paid, so I'm hoping it is an easy thing for them to fix.

3
Actualceiling•

It happened to me, I just redeemed the leftovers the next day. :)

3
robcryptoukOP•

Yes, I did that to clear the larger BTC interest amount but am now left with tiny fragments/dust in the Yield Wallet.

The dust is more of an annoyance that anything financial (because the numbers are so small) but I'm also left with am amount in my standard account (from the second redemption attempt) that is too small to cover the withdrawal cost.

2
Luke_SB•

You can redeem everything but you will still have the smart yield for the day being paid at the same as your redemption. Is there anything preventing you from redeeming that smart yield payment to be paid on the next cycle?

1
robcryptoukOP•

I can select redeem ALL again, but it still leaves fragments in the Yield Wallet relating to the last days interest.

I think it is a timing issue. Swissborg are redeeming the Wallet before the last days interest has been paid.

1
Luke_SB•

I see your point. Might be worth suggesting an option to include the day's yield on a full redemption if it's something you'd like to have implemented. I think as it is now there will always be fragments, though very tiny after a couple redemptions.

3
robcryptoukOP•

Yes, that is a logical solution.

The first fragments were low double-digit dollar, but not enough to cover the minimum withdrawal fees.

It's annoying not being able to completely empty the wallet. I am stuck in a continual loop of withdrawing crumbs but not being able to 100% empty the wallet.

I have sent two emails to Support. If they brush it off (again) I will try to escalate higher up the chain of command.

1
rettus81•

this is a known issue and already reported to the team.

1
robcryptoukOP•

Great! Hopefully it will be resolved soon.

It should be an easy fix as it's just a timing/sequencing issue. All Swissborg needs to do is delay the redemption until after the interest has been paid (as opposed to redeeming the balance before the final days interest is paid). It is as simple as that.

2
E_Vos•

It could also be the following: you can always choose 2 options, the crypto currency and your local currency. Usually if you choose the option "All" this is the local currency. If you want to redeem everything you have to select the crypto coin and then redeem All. If you don’t do this, it may be that due to the exchange rate, a part will still remain here. I've already seen that ...

1
robcryptoukOP•

Thanks for the suggestion, and I see your logic, but in this case I have selected the crypto (BTC and USDC) when redeeming ALL.

So I have selected to redeem ALL the crypto amount four times now (2x BTC and 2x USDC).

I did this the first time, and then also for the second redemption (to get the last days interest, which was large-ish), and now have dust left in the Yield Wallet that continue to earn daily interest (albeit infinitesimal amounts).

2
opg7100•

It‘s basically very simple, yield will be paid the next day according to the amount you keep. If you redeem the yield amount, you redeem the amount you have at that very moment without the yield beeing paid the next day. To make it short. You redeem what you have earned at the moment you click the button. Hope this helps 👍🏻💚

1